Tuesday, November 12, 2019

The Profit - Coco Taps Update

Tonight on The Profit, Marcus Lemonis is in Las Vegas, Nevada to make a deal with Coco Taps.  Coco Taps is a company owned by Vincent Zaldivar who refers to himself as Coco Vinny.  Coco Taps that has a product that taps coconuts and they claim to be a zero waste company.  While Marcus is there, he sees that the tap is plastic, so he isn't so sure they are a zero waste company.

Let's take a look at some information related to Coco Taps as well as what kind of deal was made on the show.

News and Links Related To The Company:

  • Here is a 7-minute preview video of the episode from the CNBC YouTube page. (Link)
  • Here is the Coco Taps website and Facebook page.
  • Coco Taps raised over $66,000 for the business on WeFunder.com. (Link)
  • Vincent "CoCoVinny" Zaldivar appeared on ABC's Shark Tank to pitch Coco Taps in 2017.  He was looking for $150,000 for 10% equity in the company but didn't get a deal.
  • The Coco Taps Instagram page says "As seen on Shark Tank and The Profit." (Link)
  • Coco Taps is available for sale on Amazon and the current price is $27.95. 
  • There is also a similar product on Amazon called CocoDrill, which sells for $7.49. (Link)
  • Here is a link to the patents that are listed under Vincent Zaldivar's name, which have detailed information. 

The Deal From The Episode Plus Post-Show Updates (this will be updated continually):

  • Marcus wanted to test another market before offering a deal.  He chose Key West, FL and they set up at Key Lime Pie Company (season 2).  
  • The Deal - $100,000 down payment and Marcus would work to license the taps particularly in South Florida.  The deal is contingent upon the utility patent approval.  Marcus also wanted to see true financials on the Las Vegas market. 
  • The deal fell through when Marcus Lemonis got someone to review the Coco Taps patent which was rejected multiple times due to a similar invention that was invented prior.  As stated above, here is the link to Vinny's patent applications.  Vinny also didn't provide the financials Marcus requested and didn't develop a training plan.

*To see how all of the businesses from The Profit are doing, go to the The Profit Updates page. Also Like us on Facebook or Follow Us on Twitter to stay up to date with all things involving The Profit.

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